S&P 500 (quarterly bars, log scale): Yearly Pivot Points (P), S2, and R2 levels from 2013 to 2025.
S&P 500 (weekly bars): Yearly and Q4 2025 Pivot Levels.
» Don't look at the range of S2 to R2 as support and resistance levels. Rather, consider them oversold (S) and overbought (R) areas. If two [different time frame] values are close together then they lend more significance to the area. Avoid going long when the market moves above R2 (it's overbought). «John Seckinger.
Nothing to do with the auction process, market making, algos, price ratios, re-balancing, nor price action logic.

